What to expect for HDB and private property rental prices in 2023
But what goes up must surely come down. Will rental prices come down in 2023? Good news: according to theIn this article, we’ll take a look at what’s happening in the HDB and private rental markets. But before we start, here’s a quick recap on what caused rental property prices to soar in the first place.Traditionally, the rental market in Singapore is driven by expatriates who tend to seek out non-landed private properties.
What was the final nail in the coffin was the quick succession of interest rate hikes by the US Fed. These moves saw borrowing costs increase quickly throughout 2022. To cover the costs of financing their property, landlords raised their asking prices and didn’t lower them because they had the financial muscle to hold out.It’s truly a landlord’s market. Here’s the rental price index for overall, non-landed and landed private properties and how they have increased over the course of the pandemic.
As it is, renters are already seeking properties located further away from prime locations or are going for older units to combat the still-high rental prices. We expect this trend to continue across HDB and private property rentals.In Q1 2023, asking rental prices for private residential homes continue to increase. But like the HDB rental market, demand has eased and price growth is moderated.
Dr Tan Tee Khoon, Country Manager – Singapore, PropertyGuru, agrees that renters may see some reprieve in rent moderation given more completed units available for lease, especially toward the end of the year.Those who rent condos have seen the most dramatic surge in their rental prices. But asking rental prices for landed private properties have seen significant growth over the course of the pandemic too.
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